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MyWish Marketplaces plans to expand by leveraging existing technology to develop an all-encompassing digital ecosystem, providing wealth management and investment products in addition to credit offerings

Mywish Marketplaces (MMPL), an Indian-based financial marketplaces, has recently announced that Franklin Templeton, a global investment management organisation, has invested US$15 million (S$2,028,540) in the company.

MMPL is a neutral marketplace leveraging on its proprietary technology. Its intellectual property includes algorithms for customer acquisition for the participating banks’ loan products, and those for matching customers with products.

It also enables sales transactions on the platform itself. With over 7 million customers already, MMPL plans to expand by leveraging existing technology to develop an all-encompassing digital ecosystem, providing wealth management and investment products in addition to credit offerings. The firm will develop the platform for the investment business based in part on know-how provided by Franklin Templeton.

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“This investment is inline with our continued efforts towards making strategic investments across geographies in companies that align with our global business priorities. We are impressed by MMPL’s strong domain expertise and see good growth potential going forward, particularly in the planned expansion of MMPL’s business to include wealth management and investment product-related services,” said Vijay Advani, Co-President, Franklin Resources, Inc., in a press statement.

“We are excited to welcome Franklin Templeton as an investor in Mywish Marketplaces Private Limited. There is significant overlap between the core values of MMPL and Franklin Templeton such as putting customers first, focus on quality, high integrity and focus on technology and capital efficiency. We will benefit tremendously from access to the Franklin Templeton leadership team’s vast experience of building one of the largest and most successful financial services businesses in the world,” said Puru Vashishtha, Board Director, Mywish Marketplaces, in a press statement.

“Through our technology, we will continue to help our partner banks in the new paradigm of digitisation of the banking landscape. We also look forward to working with Franklin Templeton on developing a new technology platform for wealth management and investment product-related services,” he concluded.

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Founded in 1947, Franklin Templeton Investments operates in 35 countries with over US$732 billion (S$989,927,520) in assets under management as of June 30, 2016.

MMPL runs some of the largest financial marketplaces in India and operates by aggregating, marketing and facilitating the sale of loan products and credit offerings from banks and financial institutions. The company’s existing investors include Sherpalo Ventures.

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